United Solar announced on Monday that it has reached financial close on the International Finance Corporation's (IFC) previously announced $50 million equity investment, completing the company's $1.6 billion capital raise for its polysilicon manufacturing project in Oman.

IFC arranged and mobilised more than 30 percent of the total capital raised, the company said in a press statement.

The IFC investment was first announced in January 2026.

In a separate statement that month, United Solar had announced that it secured $480 million in term debt financing from IFC and partner banks and more than $400 million in term debt and working capital facilities from local commercial banks led by Sohar International for the project. 

United Solar's 100,000-tonne-per-year polysilicon manufacturing facility in Sohar Free Zone began operations in January 2026 and is expected to ramp up to full production capacity by the end of the year.

The project is currently the Middle East's largest and only operational polysilicon manufacturing facility.

At full capacity, the plant is expected to produce sufficient polysilicon to support the manufacture of approximately 40 gigawatts (GW) of solar photovoltaic (PV) modules annually.

"The closing of IFC's investment completes our approximately $1.6 billion capital raise and is a powerful endorsement of United Solar's standards, governance and long-term commercial strength," said Binyam Giorgis, Group Chief Financial Officer of United Solar.

"With the backing of the World Bank Group, and on the foundation laid by the Oman Investment Authority, we are delivering world-class, fully traceable polysilicon that tier-one manufacturers need, and doing so as an FEOC-compliant [Foreign Entity of Concern] producer they can rely on as they build resilient, diversified supply chains," he added.

The financial close builds on the Oman Investment Authority's (OIA) anchor equity investment of approximately $260 million through Future Fund Oman.  Private equity firm IDG Capital also holds an equity stake in the company, according to IFC's website.

Omani institutions, regional and local banks, and the IFC have provided more than 80 percent of the project's capital. 

According to IFC's projects portal, financing to the project comprises of an A-Loan of up to $200 million; mobilisation of up to $400 million through B-Loans and/or parallel loans; and Preferred Equity to United Solar Holdings (parent company of USP) of up to $50 million.

The OPEC Fund participated in the project as a parallel lender alongside IFC and other partners, according to an IFC press statement issued in January 2026.

Waaree Solar Americas, the US arm of India’s Waaree Solar, had invested $30 million via Series B preferred shares in United Solar and inked a long-term polysilicon offtake agreement in support of the Sohar polysilicon project, according to a December 2025 report by Indian energy industry news portal ET Energy World.

(Writing by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.